It’s the final installment of how to build your very own real estate power team. Get pen and paper and take notes because this is the final sequence of what you need to finish putting the ultimate beginners realistic power team in place for yourself. Alright, we are back to finish teaching you how to build your freedom team joining me, Mr. Steven Michael Miller. – What up? – And friends, we’re here teaching you how we built our entire massive real estate empire that has done nearly a billion dollars of real estate so from our house to yours, we’re showing you how to build your very own power team. In our two previous videos, we’ve talked about your big why, which is all about freedom and next you need to build your team around finding the deals, fixing them, funding them and today, we’re going to talk about how you find the right property management team to help you fill your homes and do all the follow up.
– Yeah, absolutely. So this is a crucial part and so many people fail as the 7th F, 6th F that we talk about. – That’s too many F’s. – We didn’t talk about the failure part of this but most people do fail in real estate because of the property management, because they don’t fill their homes appropriately and they don’t follow them or manage and maintain them appropriately either and so I want to really get into this. When you’re talking about filling the home, you want to find a good property manager and a good property manager is someone who has had years of experience. This is again someone who just got their license and is now gung-ho and excited about managing your homes for you.
You want to get with a company that’s been in the industry for 10, 15, 20 years, they have hundreds if not thousands of homes that they’re managing already. Yeah, one of the things that we notice is that, you know, with every property manager that we work with, we make sure that we are one of their largest books of business and that’s been a huge asset for us, we’ll talk about that a little bit later but you want to look for again, a property manager who is experienced.
They know about getting in and and diving in, getting background checks, right. They know all about making sure that they get proper credit checks on your tenants, they’re incentivized to make sure that they put good people in your homes because that’s how they get paid, right. They get paid every time that person makes an on-time payment, they get their a little portion out of that and that’s huge for them, so you want to find someone who has experience in doing all those things and they’re putting good people in your homes. So one of the things that’s so exciting about building this entire power team is that the realtor is incentivized and paid by someone not you to do what they’re going to do and the loan officer is paid by someone else to do what they’re going to do.
Same thing here, property manager, they typically make eight to ten percent for managing a property and you’re looking for someone that has a good book of business and someone that is experienced like Steven said, you do not want to make this one up or start this one yourself out the gate because property management is filled with a bunch of bulldog conversations. You need a bulldog or a bold person on this side of the phone that is willing to hold the letter of the law, make sure that contracts are fulfilled upon, that people are paying when they’re supposed to pay and you don’t want to mess around, you want to just have that done professionally, someone that understands the local the local government code of the land so that they can follow it to a tee, has your best interests at heart.
So Steven’s right, you’re looking for someone that actually has experience in doing this so they will not cut any corners on background checks and things like that and now the bigger part with that is, how do you find someone that’s really going to carry your best interests at heart? And I want to talk about this benefit that we call bulk management. In our world, one of the things that we have found is that our backyards do not always contain the best deal so we’re going into someone else’s backyard and that often means that we’re buying homes that we ourselves are not going to see but we’ve done the research and we’re familiar on the neighborhoods but we need boots on the ground that can manage these properties and with the best what we have found for that to work is to find a really experienced group and then to give them lots of volume.
You see, right now your mom and pop shop, I would recommend that you stay in your back yard because then you can keep a close eye on your interests but as your portfolio grows and as you build or if you tap too immediately into our team, our property managers have hundreds of our homes and what that means is that, when you’re just mom and pop shop and it’s just you, you might be worth what? What’s 10% on a thousand bucks a month? Hundred bucks? A hundred dollar relationship, you don’t owe me a whole lot. If my home takes longer to rent, you’re going to be like, “Uh-huh, yep. Alright, I’ll get back in touch with..” That was chewing gum. You’re talking to these people and they just really, I mean, they care about you but frankly, our commitment show up in our pocketbook and on our calendars and in their pocketbook, you’re worth 100 bucks, you’re not worth very much but in the game of property management, when someone is owning, is managing hundreds of your homes, you’re now worth thousands and tens of thousands of dollars which means that we get to play a little bit of big brother.
See, even on homes that I haven’t bought but maybe you’re one of my clients on my power team for example and you’ve bought a home, you’re just one but together, we’re many and no one wants to mess with the kind of numbers that we can command and control the world of real estate because there’s so much benefit that comes through doing real estate and a bulk atmosphere. Now that’s one of the things that we have already starting out of the gate. I mean, obviously, we’ve got a very seasoned power team but you’re just getting started out the gate, I would focus mostly on backyard and you’re going to want to focus on out on a property manager that you can keep a good close eye on and have a really good relationship with and I would recommend some more checking periodically on how things are going especially if the home’s vacant. Let them know you care. Hey, how are we doing on getting someone in that house? What kind of call volume are you getting? Is there something that we can do on the price to help move it? And you want to be involved in the beginning.
Once you have a trusted property manager, you guys are really off to the races and you’re able to do a lot of things together. – Absolutely. The other thing that you want to make sure that you’re keeping close watch on and getting into in the very first place is a property manager who understands exit strategies and not only understand exit strategies but they know how to help you with the exit strategy that is perfect and right for you.
You know, so many property managers are just concerned about the day-to-day of just what’s happening with your property right now, a problem arises and they fix it kind of thing, it’s kind of, they’re there just to put out the fires but really, a good property manager is one who’s going to keep in contact with you and help you understand especially if you’re doing out of state type of real estate, they’re going to contact you and say, “Hey, this home has gone up in value, this may be the right time for you to sell that property. Do a refire or increase your rents or do different things that are going to help you with an overall better exit strategy kit because again, the whole reason that we’re doing this, the whole reason why you’re putting a power team together is because you want to create more freedom, you want the time, the money and the peace of mind, those are the things that you want and this is all along, this is going to kind of hinge on getting the right property manager in place.
– So make sure that you’re understanding when the markets change, they’re going to have really good indication as of what that means. In our strategy, we’re going to hold on to our properties for three, five or seven years, somewhere in that range which means there’s an optimal time to get in and there’s a really good time to get out and we’re getting out before we accrue too many dilapidated expenses that are just continuing to get onto the property, we’re getting out before we start experiencing the diminishment returns and we’re also getting out with some timing in the market on how to capitalize on the greatest growth and gains and leave the market to enter another one or the same one to purchase more properties and so part of property management for us is, someone that, yes, knows how to increase rents when that’s appropriate but then the other part of that that’s also really important is just then making sure that you’re watching the market, you know when it’s time to pull out so that you can either through a refinance or a 1031 exchange, get your investment flowing like a really healthy river downstream into multiple additional properties so one becomes two and two becomes many with time.
So friends, that’s what you’re looking for as far as property management goes and we have now covered the find it, the fix it, the fund it, the fill it and the follow it – don’t forget freedom. – and these are the five steps to building a freedom power team and friends, one last thing I do want to say on this is, you know, building a power team in the beginning, my first power team was Steven Miller who was on my management side, would sell my lease options, put tenants in the home and keep track of them, we had Steve Earl, he and his team that were consistently as the realtor finding these amazing deals we had Kevin that was doing the lending. I mean our power team in the beginning was a group of four dudes that got together and we sat in this office and we would have these meetings and we would build this portfolio and everyone had something to gain from it, this is what you get to do now in building your power team.
If you want a shortcut, if you want to get there a lot faster, if you want to step into a seasoned power team 200 nationwide experts that can say, hey, we can already bring you to the best markets, we can give you all the bulk discounts and savings along the way, we can step you into properties that someone else already risks their money on and can get you into deals where you already have them fixed up often, sometimes already rent it out and we’ve had a team of professionals doing this at the lowest bulk rates and if you just want to step into a team, you get to own 100% of your portfolio, we’ll do 100% of the work and if that sounds good to you, click the link up here and learn how you can take our Power Team and use it to build your portfolio so that can now be yours.
And that’s how you build a real estate power team. Friends, there’s incredible power in this knowledge and information and I want to invite you right now, it’s go time, go build that team and make it happen. If part of you is watching this and thinking to yourself, wow, Kris, you’re telling me that I can step right into your power team and basically rent them? Yes, you can rent my power team and we’ll step in and help you build your entire power house real estate power team. The best part about this is that once you’re a part of the team, we’re going to build your entire portfolio and you get 100% of the profits and the gains and if you want to learn more about that, click right up here and we’ll get you all that information right now with your very own private consultation on all the steps, what it looks like, sample deals so we can get you investing right now.
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